These 4 millennials share what it's like to be a landlord during the coronavirus pandemic. (via CNBCMakeIt)
subjects who own properties and rely on rental income to find out what it's really like to be a landlord during this economic downturn.
"I know that some of them have been laid off or furloughed or lost hours," Baldwin tells CNBC Make It. In April, the couple still received full payments from all of their tenants, but the Baldwins are preparing to work with them if they can't make ends meet in the future. To keep spirits high, the couple made quarantine baskets for each tenant, filled with wine, snacks and a roll of toilet paper.
His total real estate income comes to nearly $40,000 a year, but he nets closer to $3,600 per year, or $300 a month, after all the expenses are covered. "I plan to be flexible if things change in the future," he says, whether that means accepting partial payments or working out payment plans with tenants. For now, he's not worried. "I try to communicate with everyone, really figure out what's going on in their lives and try to get ahead of the curve if there is an issue — that way, we can address the issue before it becomes a big problem.
"The reason why I have so many sources of income is because if something does go bad, I have another option," she says.around Chicago, Illinois and rents them out to five families.
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